Law and Social Economics
The use of economic insights to elucidate legal doctrine has become so widespread that ‘law and economics’ is now one of the principal forms of jurisprudence. Most influential in this field has been what has become known as the Chicago school, typically identified with the work of Richard Posner. Though Posner must take the greatest credit for the wide reception of law and economics, it is essential to recognise that there are now many claimants to the use of law and economics beyond, or even in outright opposition to, Posner. This raises the question of why those interested in social economics would want to claim law and economics rather than reject it. For us, the basic answer to this lies in the work of Ronald Coase, who has vigorously distanced himself from Posnerian law and economics. Our contention is that law and economics represented by Posner is not only not exhaustive of law and economics without Chicago but also does not help us to come to terms with what Chicago has produced that is very worthwhile.
Preprint: 2008-CampbellKlaes-LawEcs_preprint.pdf
Bibliographical details of authoritative and final version:
Campbell, D.; Klaes, M. 2008. Law and social economics: A Coasean perspective. In J. B. Davis and W. Dolfsma eds The Elgar Companion to Social Economics. Cheltenham: Elgar, pp. 557-74.
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